Weather and Greece In Focus

* Key rain event this weekend. Rains developed in the far western and southwestern areas of the Corn Belt overnight, but radar indicates the event is breaking up as it moves eastwardly this morning. Rain chances remain in the outlook for much of the Corn Belt this weekend and early next week, although private forecasters have generally scaled back amounts and coverage levels as the week has progressed. While nearly all of the Corn Belt needs rain -- aside from some very wet areas in Minnesota -- it appears the areas that are most needy will again get very little relief.

The long and short of it: Earlier this week this rain event had the potential to be "major" and was highly hyped by some meteorologists. If rainfall totals and coverage are disappointing, traders should be quick to build weather premium into the market as the crop is going backwards amid hot, dry and windy conditions.

* Global markets watching Greece. Investors around the world will be glued to the Greek elections on Sunday. While neither party has called for an exit from the euro-zone, the opposition leftist party opposes austerity measures Greece needs to secure bailout funding and avoid defaulting on sovereign debt. But ahead of the elections, key central banks around the world appear ready to provide monetary stimulus if there's a worst-case scenario in Greece following the elections. That's somewhat calming investors' nerves, although that could change in the final minutes before markets close for the week.

The long and short of it: The Greek elections on Sunday -- and any actions by central banks around the world immediately thereafter -- will drive global market reaction next week.